Wedmont Private Capital Invests $170,000 in Rocket Companies, Inc. (NYSE:RKT)

Wedmont Private Capital purchased a new stake in shares of Rocket Companies, Inc. (NYSE:RKT) in the first quarter, HoldingsChannel.com reports. The firm purchased 14,320 shares of the company’s stock, valued at approximately $170,000.

Several other hedge funds and other institutional investors have also modified their holdings of RKT. Parallel Advisors LLC lifted its holdings in shares of Rocket Companies by 302.2% during the 1st quarter. Parallel Advisors LLC now owns 2,956 shares of the company’s stock valued at $36,000 after acquiring an additional 2,221 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new stake in Rocket Companies during the 4th quarter worth approximately $47,000. Sterling Capital Management LLC increased its stake in shares of Rocket Companies by 57.2% in the fourth quarter. Sterling Capital Management LLC now owns 8,295 shares of the company’s stock worth $93,000 after buying an additional 3,019 shares during the last quarter. Caisse Des Depots ET Consignations acquired a new stake in shares of Rocket Companies in the 4th quarter valued at about $99,000. Finally, Garner Asset Management Corp bought a new position in Rocket Companies during the 4th quarter worth approximately $118,000. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Trading Up 3.6%

NYSE:RKT opened at $14.18 on Friday. The stock has a market cap of $28.36 billion, a PE ratio of -88.63 and a beta of 2.28. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. The stock’s 50-day moving average is $12.57 and its two-hundred day moving average is $12.74. Rocket Companies, Inc. has a fifty-two week low of $10.06 and a fifty-two week high of $21.38.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, May 8th. The company reported $0.04 earnings per share for the quarter, hitting the consensus estimate of $0.04. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.26 billion. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The business’s revenue was down 10.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.04 EPS. As a group, equities research analysts forecast that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RKT has been the topic of a number of recent research reports. Keefe, Bruyette & Woods reduced their price target on shares of Rocket Companies from $15.00 to $13.00 and set a “market perform” rating on the stock in a research report on Monday, May 12th. Deutsche Bank Aktiengesellschaft upgraded Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research report on Wednesday, April 2nd. Barclays upgraded shares of Rocket Companies from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $10.00 to $14.00 in a report on Tuesday, April 8th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $18.00 target price on shares of Rocket Companies in a research note on Tuesday, April 1st. Finally, Wedbush restated a “neutral” rating and set a $12.00 target price (down from $13.00) on shares of Rocket Companies in a report on Friday, May 9th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $14.21.

Rocket Companies Profile

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company’s solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; and Rocket Loans, an online-based personal loans business.